615 Civic Center Dr Santa Ana, CA 92701

This exceptional 6-unit apartment building presents a compelling value-add opportunity in Santa Ana's desirable French Park neighborhood. Built in 1978, the property boasts 6,420 square feet of net rentable space across two, two-story buildings situated on a 7,500 square foot lot (APN: 398-042-07). All units are spacious two-bedroom floorplans, many featuring desirable amenities such as garages (10 total), patios or balconies, and fireplaces. On-site laundry adds further convenience for residents. The property currently generates a NOI of $115,651, representing a 4.82% cap rate. However, a significant upside exists, with a pro-forma NOI projected at $153,365 and a pro-forma cap rate of 6.39%, reflecting a potential 24% increase in rental income. Recent capital improvements include upgraded windows, roof, and fascia boards, ensuring the property's continued strong performance. The property is SB-721 compliant. Further potential exists for ADU conversion in the existing garages (buyer to verify with City of Santa Ana). Its prime location, just 0.4 miles from the Santa Ana Metrolink Station and 0.6 miles from the 4th Street Market and Downtown Santa Ana, ensures high tenant demand. Proximity to Santa Ana College (1.9 miles) and the 5 Interstate provides easy access to employment centers throughout Orange and Los Angeles Counties. This property offers a blend of immediate cash flow and substantial long-term growth potential. Asking price is $2,400,000 ($400,000 per unit).